SPY•U.S. stocks were set to extend losses as higher-rate concerns weighed on AI-linked shares and data showed building price pressures. The roundup also highlighted ManpowerGroup’s weak Q4 forecast and revenue miss, and Penske Automotive’s agreement to be taken private.
The S&P 500 and Nasdaq were on track to extend losses as fears that higher interest rates could hit artificial-intelligence investment deepened a decline in AI-linked stocks. Fresh data showed building U.S. price pressures. Chip stocks including Nvidia, Micron and Intel fell.
ManpowerGroup fell after forecasting a weak fourth quarter and reporting a third-quarter revenue miss; it also named a new CEO. Penske Automotive rose after agreeing to be taken private by Penske and Mitsui.
